Boston, MA 03/06/2014 (wallstreetpr) – Gentium S.P.A. (ADR) (NASDAQ:GENT) is on its way out of NASDAQ Global Market listing. The company announced Tuesday. The announced withdrawal from the listing is a voluntary step and the company has given its story why it is making the move.
The company is focused on the manufacturing and development of drugs. Shares of the stock traded down in the last session, losing 1.56 percent to $56.10. The company is withdrawing its American Depository Shares (ADS) and formal request to do that has been made to NASDAQ Stock Market.
The delisting request was approved late January this year by the board of Gentium S.P.A. (ADR) (NASDAQ:GENT) as well as the shareholders. The shareholder approval was secured through an extraordinary general meeting on February 28.
Reason for delisting
Stocks listed on ADS have to meet various regulatory filings with the Securities Exchange Commission (SEC). But it means that Gentium S.P.A. (ADR) (NASDAQ:GENT) is no longer interested in the reporting obligations that come with its stay on NASDAQ, thus the desire to delist. Also, the company cites the small number of its outstanding ADS after tendering as yet another reason why it deems it fit to withdraw from the listing.
When the delisting is completed, Gentium S.P.A. (ADR) (NASDAQ:GENT) has no future plans or listing on another exchange platform or ADS. What will thus follow thereafter will be subsequent deregistration with SEC and suspension as well as termination of its SEC obligations as regards report filing.
Gentium S.P.A. (ADR) (NASDAQ:GENT) is owned by Jazz Pharmaceuticals company, a Como-Italy headquarter biopharma. The company has its efforts geared towards coming up with drugs that are able to treat or at least prevent various disease conditions such, cancer and those related to vascular diseases.
The company has a market cap of $843.66 million. Its shares have been traded in the range of $7.26 low and $59.25 high over the past one year. In the last session, the shares changed hands between $56.10 and $56.98 and eventually settled on the lower edge at $56.10.